{
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\begin{tabular}{l*{8}{c}}
\toprule
                    &\multicolumn{8}{c}{Dependent variable: $X_{ni}/X_n$}                                                                                                                         \\\cmidrule(lr){2-9}
                    &\multicolumn{1}{c}{(1)}         &\multicolumn{1}{c}{(2)}         &\multicolumn{1}{c}{(3)}         &\multicolumn{1}{c}{(4)}         &\multicolumn{1}{c}{(5)}         &\multicolumn{1}{c}{(6)}         &\multicolumn{1}{c}{(7)}         &\multicolumn{1}{c}{(8)}         \\
\midrule
$\delta^c \times z_{i}^{(1)}$&     -0.0076         &                     &     -0.0088         &                     &      -0.029\sym{*}  &                     &      0.0092         &                     \\
                    &    (0.0076)         &                     &    (0.0068)         &                     &     (0.012)         &                     &     (0.011)         &                     \\
\addlinespace
$\delta^c \times z_{n}^{(1)}$&     -0.0048\sym{*}  &                     &     0.00032         &                     &     -0.0066         &                     &   -0.000077         &                     \\
                    &    (0.0024)         &                     &    (0.0024)         &                     &     (0.013)         &                     &    (0.0025)         &                     \\
\addlinespace
$\delta^c \times z_{i}^{(2)}$&                     &     -0.0044         &                     &     -0.0083         &                     &      -0.016         &                     &      0.0078         \\
                    &                     &    (0.0061)         &                     &    (0.0067)         &                     &    (0.0089)         &                     &    (0.0087)         \\
\addlinespace
$\delta^c \times z_{n}^{(2)}$&                     &     -0.0037         &                     &     0.00080         &                     &     -0.0076         &                     &    -0.00081         \\
                    &                     &    (0.0023)         &                     &    (0.0023)         &                     &     (0.013)         &                     &    (0.0026)         \\
\addlinespace
$FINDEV^c \times z_{i}^{(1)}$&                     &                     &                     &                     &                     &                     &       0.032\sym{**} &                     \\
                    &                     &                     &                     &                     &                     &                     &     (0.012)         &                     \\
\addlinespace
$FINDEV^c \times z_{n}^{(1)}$&                     &                     &                     &                     &                     &                     &      0.0032         &                     \\
                    &                     &                     &                     &                     &                     &                     &    (0.0024)         &                     \\
\addlinespace
$\log GDPC^c \times z_{i}^{(1)}$&                     &                     &                     &                     &                     &                     &       0.070         &                     \\
                    &                     &                     &                     &                     &                     &                     &     (0.086)         &                     \\
\addlinespace
$\log GDPC^c \times z_{n}^{(1)}$&                     &                     &                     &                     &                     &                     &       0.036\sym{*}  &                     \\
                    &                     &                     &                     &                     &                     &                     &     (0.014)         &                     \\
\addlinespace
$FINDEV^c \times z_{i}^{(2)}$&                     &                     &                     &                     &                     &                     &                     &       0.024\sym{**} \\
                    &                     &                     &                     &                     &                     &                     &                     &    (0.0091)         \\
\addlinespace
$FINDEV^c \times z_{n}^{(2)}$&                     &                     &                     &                     &                     &                     &                     &      0.0042         \\
                    &                     &                     &                     &                     &                     &                     &                     &    (0.0023)         \\
\addlinespace
$\log GDPC^c \times z_{i}^{(2)}$&                     &                     &                     &                     &                     &                     &                     &       0.048         \\
                    &                     &                     &                     &                     &                     &                     &                     &     (0.062)         \\
\addlinespace
$\log GDPC^c \times z_{n}^{(2)}$&                     &                     &                     &                     &                     &                     &                     &       0.016         \\
                    &                     &                     &                     &                     &                     &                     &                     &     (0.015)         \\
\midrule
Upstream $\times$ Downstream FEs&         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         &         Yes         \\
Country FEs         &         Yes         &         Yes         &         Yes         &                     &         Yes         &         Yes         &         Yes         &         Yes         \\
\midrule Sample     &                     &                     &      M only         &      M only         &      S only         &      S only         &                     &                     \\
\midrule$R^2$       &        0.45         &        0.45         &        0.59         &        0.59         &        0.31         &        0.31         &        0.45         &        0.45         \\
Observations        &      133525         &      133525         &       48069         &       48069         &       21364         &       21364         &      132300         &      132300         \\
\bottomrule
\end{tabular}
}
